Latest News – Page 749
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NewsCrisis-hit Gable suffers 23% share price crash
Gable’s share price crashed 23% following the annoucement that it can’t raise the money to hit Solvency 2 requirements and revelations of further losses in the business. The crisis-hit insurer’s share price fell from 8.5p to 6.91p. The company said in a trading update: ...
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AgendaSimply Business hackathon creates ‘Tinder for insurance’
Simply Business has created an app that allows commercial insurance customers to swipe through a short question set to generate an indicative quote. The product, internally named Swipe Me, is only at an early conceptual stage, but is already basing its user experience on the Tinder ...
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News'Ghost broking' courier sentenced for defrauding Liberty in £89,000 scam
A 33-year-old courier from Epsom has been sentenced after he admitted to setting up over 100 bogus car insurance policies for his unsuspecting customers and defrauding victims and Liberty Insurance out of a combined £89,000. Renan Gomes was sentenced at Guildford Crown Court on Friday 20 May ...
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NewsMotor insurers' COR hits 102% despite premium increase
Motor insurers’ combined operating ratio (COR) was 102% in 2015 according to figures released by Deloitte. The firm forecasts the COR could rise to 104% in 2016 before returning to 102% in 2017. Motor insurance premiums in 2015 grew by 5% to £13.9bn in 2015. But ...
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NewsAXA to take firmer stance with brokers asking for higher commission
AXA is going to take a stronger stance by saying no to brokers that do not put forward a “compelling” case when looking for increased commissions, AXA commercial intermediary managing director Jon Walker said. The insurer is also going to be clearer about its reasons for ...
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NewsLack of trust between consumers and insurers is fuelling fraud - AXA
Up to one third of Britons have committed insurance fraud, a report commissioned by AXA has found. A lack of trust between consumers and insurers and the view that insurance fraud is a victimless crime are encouraging otherwise honest policyholders to exaggerate claims. According to insurers ...
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NewsAA 'in talks' to sell Irish business
The AA has confirmed it is in talks to sell its Irish business. The roadside assistance group has said it was “exploring options in regards to its Irish business and a further announcement will be made if and when appropriate”. It did not name names, but ...
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NewsAviva pledges 30% of executive committee will always be women
Aviva has pledged that 30% of its executive committee will always consist of women. The insurance giant has signed up to a new target set by the 30 Per Cent Club, the campaign group which lobbies for greater gender diversity at the top of business. The ...
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NewsTowergate makes hire from DUAL to lead regional specialty arm
Towergate Underwriting has hired Martin Joyce to lead its newly formed regional specialty business. In his new role Joyce will be responsible for financial lines; including professional indemnity, directors and officers and crime. He will be based in Manchester and will report to commercial lines chief ...
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Online onlyMajority of December storm claims settled
To date 85% of insurance claims made for flooded homes and businesses following the December storms have been either fully or partly paid out, according to the Association of British Insurers (ABI). The total number of claims made for damaged buildings currently stands at more than ...
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NewsRSA launches risk management service for mid market
RSA has launched a risk management service designed for mid-market companies in the regions to help them mitigate losses. The insurer said commercial accidents cost small and medium sized businesses millions of pounds every year and leave them vulnerable. The new service includes risk consultation, training ...
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NewsFormer Windsor MD to head Towergate London unit - reports
Towergate is about to hire former Windsor managing director Neil Pearce as head of its London market operations, according to reports. Pearce left his most recent role as head of UK and international liability at RKH Specialty in April, the reports said. Both Windsor and RKH ...
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NewsHomeServe UK unit reports revenue growth but flat profit
HomeServe’s UK business made an operating profit of £57.4m in the year to 31 March 2016, almost unchanged from the £57.7m it reported in its previous financial year. This was despite revenue growth in the unit of 2.2% to £291.8m (2014/15: £285.5m). Key points ...
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NewsDalgarno to head Towergate’s new ‘legacy resolution’ unit
Towergate has appointed chief risk officer Sarah Dalgarno to head up a new unit that will tackle the broking group’s old liabilities. Dalgarno will continue to be involved in Towergate’s group risk function until a replacement chief risk officer appointed. The new division, called the Legacy ...
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NewsPrice Forbes hires team from Marsh in retail push
Price Forbes has hired Audrey Corfield as managing director of its European retail arm. Corfield joins Price Forbes from Marsh, along with directors Richard Grimshaw and Jason Ellis, while Helen Morrison will be an associate director. Price Forbes said all four bring more than 60 years ...
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NewsUK man stranded in Mexico hospital after AXA refuses claim
A pensioner who fell ill on holiday is stranded in a Mexican hospital after his insurers refused to pay out - leaving the family with a £40,000 bill, the Daily Mail reported. Retired milkman Colin Read, 72, was hospitalised with chest pains on the second day ...
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NewsABI calls for compulsory cyber attack database
The ABI has called on the government to create a database where companies would be obliged to record details of cyber attacks. The database would help overcome the lack of hard data on cyber attacks that is making it hard for insurers to provide appropriate cover, ...
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NewsAXA to sell all tobacco investments
AXA Group said it will shed all its €1.8bn investments in tobacco. The global insurer said continued investment in tobacco was no longer compatible with its business as a provider of health insurance. “As a responsible health insurer, the AXA Group has decided to divest its ...
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NewsZurich: Cyber-crime is SMEs’ biggest threat
Cyber-crime is small companies’ biggest worry, according to insurer Zurich’s latest SME Risk Index. The survey of more than 1,000 UK small and medium-sized businesses found that 42% of respondents consider the vulnerability of their technology to be the single largest concern to the success of ...
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NewsAIG UK and Zurich GI bosses join ABI board
AIG UK and Europe chief executive Anthony Baldwin (pictured) and Zurich UK General Insurance chief executive Vibhu Sharma are among four new members of the ABI’s board. Also joining are Scottish Widows chief executive and Lloyds Banking Group insurance director Antonio Lorenzo and Prudential group regulatory ...
